Reference no: EM133052806
Question - Fiji Sport Ltd owns all of the shares of Nadi Ltd. During the financial year 1 July 2019 - 30 June 2020, the following intragroup transactions occurred.
(1) On 1 July 2019, Fiji Sport Ltd sold an item of plant costing $15 000 to Nadi Ltd for $18 000. Fiji Sport Ltd had not charged any depreciation on the plant before the sale. Both entities depreciate assets at 10% p.a. on cost.
(2) Fiji Sport Ltd, in September 2019, sold inventory for $8000 to an external party. This inventory had been sold to it by Nadi Ltd in the previous year. It had originally cost Nadi Ltd $4800, and was sold to Fiji Sport Ltd for $9600.
(3) Nadi Ltd sold land to Fiji Sport Ltd in October 2019. The land had originally cost Nadi Ltd $40 000, but was sold to Fiji Sport Ltd for only $32 000.
(4) In January 2020, Nadi Ltd paid a $4500 interim dividend.
(5) In April 2020, Fiji Sport Ltd sold inventory to Nadi Ltd for $12 000. This inventory had previously cost Fiji Sport Ltd $8000, and half remained unsold by Nadi Ltd at the end of the period.
Required - Prepare the consolidation worksheet adjusting entries for the intragroup transactions (1) to (5) for the year ended 30 June 2020.
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